Friday, 24 February 2012

Elliot waves

 Elliot waves


According to the theory of Elliott wave, stock prices tend to move in a predetermined number of waves consistent with
fobonatshi series. Specifically, Elliott described the market as moving in five distinct waves on
The top and three distinct on the downside. The basic shape of the wave is.



GET OUT OF YOUR LOSERS :

GET OUT OF 10 YOUR LOSERS.


You are not a loser  because
you have a losing trade on.
You are, however, a loser if
you do not get out of the losing
trade once you recognize that the trade is no
good. Its amazing to me how accurate your gut is as a market indicator.
If, in your gut, you have the idea that the trade is no good then its
probably no good. Time to exit.
Every trader has losing trades throughout the session. A typical trade
day for me consists of 33 percent losing trades, 33 percent scratches
and 33 percent winners. I exit my losers very quickly. They dont cost
me much. So, although I have either lost or scratched over two-thirds
of my trades for the day, I still go home a winner.




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BE YOURSELF. DON’T TRY TO BE SOMEONE ELSE.

BE YOURSELF  DON’T TRY TO BE SOMEONE ELSE :

In all of my years as a trader
I never traded more than a
50 lot on any individual
trade. Sure, I would have
liked to be able to trade like colleagues
in the pit who were regularly trading 100 or 200 lots per trade.
However, I didnt possess the emotional or psychological skill set necessary
to trade such big size. Thats OK. I knew that my comfort zone
was somewhere between 10 and 20 lots per trade. Typically, if I traded
more than 20 lots, I would butcher the trade. Emotionally I could
not handle that size. The trade would inevitably turn into a loser
because I could not trade with the same talent level that I possessed
with a 10 lot Learn to accept your comfort zone as it relates to trade size. You are
who you are.







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USD/JPY 24 Feb

 USD/JPY 24 Feb
 
Close(TP) Buy USD/JPY 80.763
 Profit: 172 pips

Type Of Reversal Patterns

Type Of Reversal Patterns

 

  1. Bottoms complications (three consecutive bottoms)
  2. (Types of wedge)
  3. Multiple peaks (three peaks)
  4. (Bottom round)
  5. (head and shoulders)



1-Bottoms complications (three consecutive bottoms)




Double bottoms
The multiplier is a bottom reversal pattern of positive and consists of two consecutive equal basins are
Summit is well done and moderate in the middle is the opposite of the pattern of the double summit.









2-    (Types of wedge)
First : Bearish wedge
Is a pattern starts with a positive reflex wide at the top and shrink while prices fall









1 - Direction: -: Like any reflex pattern there must be a prior trend to reverse. The pattern
Usually over a period of 3 to 6 months.
2 - Top line of resistance: - takes on a lower level of the rate of formation of the line of resistance is higher. And be
Three peaks
All lower than the top of the summit before.
3 - Alawti support line: - Reverse the line of resistance.
4 - contraction: - meet the line of resistance lower top line of support for the formation of a conical shape.
While mature pattern of low-lying levels of the reaction is still penetrate the low-lying levels of the previous
But this becomes more shallow penetration to decrease to the quantities and then creates a resistance line.
5 - Size: - important when you break through resistance levels should be with him in high quantities
To confirm the
pattern.


Second : The rising wedge

The pattern is a bullish reversal pattern expected for a negative start, a broad decline in the bottom and shrink
To the top of the continuity with the rise in prices, which reverse the bearish wedge.








GBP/AUD 24 Feb

GBP/AUD 24Feb
 
Close(SL) Sell GBP/AUD 1.47500 
 Loss:-40 pips
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